www.iva.co.uk

Hi,One day into my iva was just wondering as I haven't received welcome pack yet, will I be allowed to put some money away for emergencies now obviously I can not have credit. For example vets bills, domestic appliance break downs.

Hi, it would be recommended that you did this, where possible with any spare money.

Great idea to try and put a little away when you can.

Some of your allowances need to be saved anyway, being monthly shares of an annual bill. But, yes, anything you can squirrel away ( your share of overtime etc.) will make a useful contingency fund, as something is bound to blow up or die a death during the next 5 or 6 years.

Just don't say it is savings - it is an emergency fund etc.

There was that ridiculous farce last year with credit fix saying that savings are not allowed.

You should be encouraged to save what you can. 6 years without an emergency of some sort is highly unlikely.

I used the yorkshire building society online saver but there are plenty of options and you get very little interest so pick one that suits you.

Paul

I have run an online savings account alongside my current account with NatWest putting as much as possible in until needed to pay dd's etc. so far I have earned just under £50 in interest. Not a lot but better than nothing.